Foreign investment in property sector jumps by 70%

By Phuong Dung May 28, 2024 | 03:21 pm PT

Buildings in the east of Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Foreign investors poured nearly US$1.98 billion into the property sector in the first five months of 2024, up 70% year-on-year.

It was the second-highest behind manufacturing, which received $7.43 billion, according to the Ministry of Planning and Investment.

The rising investment comes as analysts expect a recovery by the property sector this year and next with inflation remaining under control, bank credit interest rates falling and surging public investment and infrastructure development.

Legal issues that used to plague the sector are gradually being resolved thanks to amendments to the laws.

Overall FDI in the first five months was $11 billion, up 2%. In the period 78 countries and territories invested in Vietnam, led by Singapore with $3.25 billion, up 28%. It was followed by Hong Kong, Japan, mainland China and South Korea.

Together the five accounted for 74% of the investment.